Crisis in a capitalist economy is often the result of a bubble bursting. The last time a bubble burst was in 2008, in what was called the Global Financial Crisis, when the whole financial system was on the brink of implosion. Despite slow economic growth since, new bubbles have been building up, particularly in the housing and stock markets. When will they burst?

Inflation is suddenly back in the developed countries, a phenomenon many thought was something that belonged to the past. A year ago, most central bank governors assured that this was an expected and transitory phenomenon as the developed economies returned to growth after the Covid induced depression in 2020. Now it looks not to be that transitory. So has inflation come to stay?